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Richard LeFrak is in the news a lot lately over the class action lawsuit brought against him for his alleged mishandling of Gateway Plaza as a “slumlord”. It was recently reported that the BPCA cut ground lease deals with LeFrak that have saved his company $200 Million in payments over decades, yet Gateway Plaza has never been properly renovated or maintained, according to the plaintiff’s.
Is Mr. LeFrak and his company hurting for cash? Is that why he skimps on his properties?
Oh, quite to the contrary.
Forbes lists Mr. LeFrak as the 227th wealthiest person in the world worth $6.1 Billion. His empire of properties stretches from Hollywood, California to South Beach, Miami.